is a cloud-based professional tax preparation software designed specifically for firms centered on QuickBooks Online Accountant. It provides powerful features, such as missing data review and document management, and is priced on a pay-per-return basis with no annual fee. It also has a K-1 package and a tax planner with the ability to project multiple…
, an excellent tax preparation software from Intuit, can process almost any individual and business tax return. With all of the features that you would expect from a professional tax software, such as e-file management and K-1 data transfers, it even offers different pricing options based on your needs. It also comes equipped with useful…
If you own a business, you may be able to take the meals and entertainment deduction to lower your tax liability. Generally, you can deduct the cost of business-related meals and meals consumed while traveling overnight, whereas the business-related entertainment costs aren’t deductible. The purpose of the meal or event and who benefits from it…
There are many steps small businesses can take to minimize their income taxes. Throughout my career as both a practicing certified public accountant (CPA) and an educator, I’ve developed a list of easy-to-use tax tips that I am happy to share. 1. Keep Organized The most important step to minimizing your small business tax is…
If you’re a sole proprietor, freelancer, or independent contractor, then you’ll likely need to pay self-employment tax. Considered the equivalent of payroll taxes that W-2 employees pay, it’s due on income earned and must be paid regardless of whether you receive a 1099-MISC for your services. The self-employment tax rate includes both Social Security and…
IRS Form 8832 is filed by limited liability companies (LLCs) to be taxed as C corporations (C-corps). LLCs also file Form 8832 to revert to being taxed as a sole proprietor or partnership if C-corp status was elected previously. An LLC that doesn’t file Form 8832 is taxed as a sole proprietor or partnership. You…
An employer identification number (EIN) is a unique nine-digit number that identifies your small business when you file taxes, open a business bank account, get a business loan, or perform other business activities. Obtaining an EIN is free, and you can apply for it online, by fax, or by mail. Online Application The quickest and…
TurboTax and H&R Block are both established names in the field of tax preparation; TurboTax is a leader in tax preparation software, and H&R Block has long been known for providing in-person tax preparation services. Both software have evolved to offer online tax preparation, tax software, and different levels of tax assistance. TurboTax is ideal…
